As per the report "Blockchain Market By type (Public blockchain, Private blockchain), By provider (Application and solution, Middleware, Infrastructure and protocol), By organization size (Large enterprises, Small and medium enterprises), By End-User (Government, BFSI, Automotive, Retail & E-Commerce, Media & Entertainment), Industry trends, Estimation & Forecast, 2016 - 2024." The global blockchain market was valued at $216.1 million in 2016 and is projected to reach $9.6 billion by 2024, growing at a CAGR of 60.8% from 2017 to 2024. In 2016, the BFSI sector generated the highest revenue share in the global blockchain market. Among major regions, North America block chain market was the highest revenue generating region valued at $89.1 million in 2016.
“Emerging market Central Securities Depositories (CSDs) could deploy blockchain as a tool, by which corporate actions could be complemented and trade settlements will be speeded up. However, lack of technical understanding about the blockchain concept and lack of awareness about the Blockchain and uncertain regulatory status is supposed to curtail the overall market growth.”
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Private Blockchain dominates the market due to its emergence as open source protocol
The private blockchain segment led the global blockchain market holding more than half of the total market share. Private Blockchain systems have the ability to restrict the participants for consensus processes and transactions. In contrast to public blockchain networks, validators on private blockchain networks are examined by the network owner. They do not rely on anonymous nodes to authenticate transactions nor do they benefit from the network effect. However, the public blockchain systems are expected to witness the fastest growth rate during the forecast period of 2016-2024, owing to its growing attractiveness for developers due to its resistance for hacking and capital controls from oppressive regimes.
Banking, Financial Services, and Insurance (BFSI) vertical to hold the largest market share in 2016
The BFSI segment held 3/4th of the total blockchain market share in 2016 and is expected to maintain the same trend throughout the entire forecast period. This is because of the constantly growing demand for banking and financial transactions which have got developed from traditional payment systems to be flawlessly integrated into modern systems. However, media and entertainment segment is expected to grow with the highest CAGR of 64.9% during the forecast period, as the blockchain technology has helped authors, artists and musicians to connect directly with their audiences without any kind of intermediaries.
North- America emerged out to be the most lucrative market for blockchain
North American blockchain market held a revenue share of more than 40% of the global market in 2016 as a result of extensive adoption of this technology in the BFSI and retail & e-commerce sectors. The U.S. accounts for a major share of bitcoin and blockchain deal share owing to US-based bitcoin and blockchain startups.
However, APAC blockchain market is expected to grow at the highest CAGR over the forecast period of 2016 and 2024. The major forces which are responsible for this growth in the region are securitization of physical assets and upcoming opportunities within different industry verticals of the countries such as India, Australia, China and Japan.
BLOCKCHAIN MARKET KEY FINDINGS
• The global blockchain market was valued at $216.1 million in 2016, and is projected to reach $9.6 billion by 2024.
• The private blockchain segment led the global blockchain market by holding nearly 70% of the total market share.
• APAC blockchain market is expected to grow at the highest CAGR over the forecast period of 2016 and 2024.
• North American blockchain market held a revenue share of more than 40% of the global market in 2016.
IBM, a major blockchain service provider company, accounted for a share of around 10% of the global blockchain market in 2016. Some other major market players are Chain Inc., IBM Corporation, Accenture Plc., Eris Industries, Intel Corporation, Deloitte, Blockchain Tech Ltd., Microsoft Corporation, Digital Asset Holdings and Earthport.
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